Research published on June 11 by the Bank for International Settlements (BIS) has unearthed new evidence on the effectiveness of macro-prudential policies, warning they may be cancelled out if not used in concert with monetary policy.
The working paper, by Valentina Bruno, Ilhyock Shim and Hyun Song Shin, tackles the problem using an array of panel regressions. The authors assess how bond and credit flows responded to macro-prudential policy and capital controls implemented in 12 South-east Asia
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